Bank partners with fintech Trovata
NAB has partnered with Trovata, a NAB Ventures portfolio company, to deliver an AI-enabled cash management, analytics, and forecasting platform to its corporate customers.
NAB’s new treasury solution, NAB Liquidity+, powered by Trovata, will enable the bank’s corporate customers to bring together their critical banking data, providing them with comprehensive and real-time visibility of their cash positions, dynamic cash insights, and precision forecasting.
Jonathan Adams, NAB executive for transaction banking, said it’s the bank’s ambition to make banking fast, secure, and simple for customers.
“Many of our corporate clients’ treasury and finance teams were grappling with large volumes of fragmented data to manually reconcile and compile cash flow analysis in spreadsheets, and we were determined to deliver a better solution,” Adams said in a media release.
“NAB Liquidity+ is a cutting-edge digital platform that can drive cash and liquidity benefits, improve capital management, support working capital initiatives and generate long-term financial confidence for customers.
“We recognise most large corporates have more than one banking partner and we didn’t want this to be a limitation, which is why we’ve partnered Trovata, a global leader in bank APIs and enterprise cash management.”
Trovata’s AI-based technology eliminates time-consuming manual tasks and enables treasury teams to create and distribute accurate, real-time financial information to company stakeholders. The platform has integration features that enable customers to securely access both NAB and third-party bank accounts to consolidate cashflow data at a group level, improving visibility and control.
Brett Turner, Trovata founder and CEO, said finance and treasury teams are now expected to do more than ever – all while navigating smaller budgets and fewer resources.
“There is a strong need for automation so that they can spend less time in spreadsheets and more time as strategic advisors for their businesses,” Turner said. “Smart banks – like NAB – know this and are innovating to make their customer’s lives easier.”
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